{"id":321824,"date":"2023-02-24T11:57:45","date_gmt":"2023-02-24T03:57:45","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=321824"},"modified":"2023-02-24T11:57:47","modified_gmt":"2023-02-24T03:57:47","slug":"stock-in-focus-metrobank-mbt-24-feb-2023-by-rcbc-securities","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-in-focus-metrobank-mbt-24-feb-2023-by-rcbc-securities\/","title":{"rendered":"Stock in Focus: Metrobank (MBT) &#8211; 24 Feb 2023 by RCBC Securities"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Summary of Broker&#8217;s Recommendation<\/h2>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Stock Code<\/strong><\/td><td>MBT<\/td><\/tr><tr><td><strong>Company Name<\/strong><\/td><td>Metropolitan Bank and Trust Company (Metrobank)<\/td><\/tr><tr><td><strong>Broker<\/strong><\/td><td>RCBC Securities<\/td><\/tr><tr><td><strong>Opinion Issued on<\/strong><\/td><td>24 Feb 2023<\/td><\/tr><tr><td><strong>Recommendation<\/strong><\/td><td>Buy<\/td><\/tr><tr><td><strong>1-Year Target Price<\/strong><\/td><td>PHP 71.80<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>We currently have a <strong>Buy recommendation on MBT and<\/strong> <strong>Target Price of P71.80<\/strong>.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Analysis and Opinion<\/h2>\n\n\n\n<p>MBT benefits from rising interest rates induced by the BSP\u2019s policy rate hikes.  MBT\u2019s 9-month (9M) 2022 net income rose 45% to Php23.4 billion, driven by an 11% jump in net interest income and a 15% growth in non-interest income. Net interest margin expanded to 3.52% from 3.41% a year ago. <\/p>\n\n\n\n<p>MBT had the second fastest loan growth among our covered banks in 9M 2022 at 13.3%, while deposits grew 10.7%. MBT had the 2nd lowest 9M 2022 NPL ratio among our covered banks at 2.11%, improving from 2.73% a year ago. In addition, MBT also has the 2nd best 9M2022 NPL coverage at 172%.<\/p>\n\n\n\n<p>We estimate MBT\u2019s 2023\/2024F net interest income to increase 20%\/10% respectively. We forecast both 2023F\/2024F net income to increase by 16%. MBT is the cheapest among the top three banks with a 2023F price-to-book ratio of 0.8x, significantly lower than BDO and BPI\u2019s 1.3x and 1.4x, respectively. Furthermore, MBT has the highest dividend yield among covered banks at 4.9%.<\/p>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Check how many brokers recommend this stock<\/h2>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-pinoyinvestor wp-block-embed-pinoyinvestor\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"84L2FRfVRZ\"><a href=\"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-rankings-all-stocks\/\">All Stock Rankings<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;All Stock Rankings&#8221; &#8212; PinoyInvestor\" src=\"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-rankings-all-stocks\/embed\/#?secret=E41xQKpFzc#?secret=84L2FRfVRZ\" data-secret=\"84L2FRfVRZ\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<div style=\"height:26px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:16px\"><em><em>This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about <a href=\"https:\/\/www.pinoyinvestor.com\/smartinvestor\/our-partner-brokers\/\">our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our recommendation and 1-year Target Price for this stock is<\/p>\n","protected":false},"author":1685,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-321824","post","type-post","status-publish","format-standard","hentry","category-stocks-in-focus","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/321824","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/1685"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=321824"}],"version-history":[{"count":1,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/321824\/revisions"}],"predecessor-version":[{"id":321826,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/321824\/revisions\/321826"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=321824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=321824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=321824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}